PPP Loan Data — Caretech Solutions, Inc., Troy, MI
Caretech Solutions, Inc. is a subchapter s corporation located at 3270 Big Beaver Rd in Troy, Michigan that received a Coronavirus-related PPP loan from the SBA of $4,702,300.00 in April, 2020.
$ PPP Loan Information
Caretech Solutions, Inc. received a Paycheck Protection Loan of $4.7M through COMERICA BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Caretech Solutions, Inc.'s total 2019 payroll expenses were approximately $22.57M in order to qualify for the PPP loan amount received.
Based on their reported 320 jobs retained, this equals an estimated average yearly compensation of $70,535 per employee1.
Business Information - Caretech Solutions, Inc. in Troy, MI
3270 Big Beaver Rd
Troy, MI 48084
Data Processing, Hosting, and Related Services (NAICS code 518210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MI-11
Similar Companies near Troy
In the Troy area, 2 businesses in the "Data Processing, Hosting, and Related Services" industry received a PPP loan. These local businesses reported an average of 161 employees (compared to this company's 320) and received an average PPP loan of $2,356,471 (compared to this company's $4.7M).
Similar Nearby Businesses Who Received PPP Funding:
Boss Media Marketing LLC
Industry PPP Comparison Statistics
Nationwide, 5,879 businesses in the "Data Processing, Hosting, and Related Services" industry received a total of $1,161,307,675.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 96% lower than Caretech Solutions, Inc.'s reported 320 employees, and received an average PPP loan of $197,535, 96% lower than this company's loan of $4.7M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA.
Footnotes & Information
1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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